“Certainly, sanctions are a bad thing but it is a moment that we need to use for real work, for expanding partnership with Asia-Pacific countries,” Shuvalov said in opening remarks at the fifth session of the High-Level Russian-Singapore Intergovernmental Commission.

Shuvalov said that the Economic Development Ministry would create a division that "will administer the whole region (Asia-Pacific), including business ties and legal groundwork".

Russia hopes Singapore will be interested in developing the Far East, Shuvalov said on Wednesday. “We are keen to make the region attractive for Singapore’s government and business, and simultaneously we would like to present other regions,” the deputy prime minister said.

Russia suggested that Singapore should “invest into Vladivostok’s airport and into agriculture”, he said.